Delta, PBGC Deal Over Pensions Sails Through Court

Law360, New York (December 21, 2006, 12:00 AM EST) -- A federal bankruptcy judge has approved Delta Air Lines Inc.’s recent agreement with the Pension Benefit Guaranty Corp. to ditch its pilots’ pension plans, an integral part of the beleaguered airline’s recently filed plan to emerge from Chapter 11 protection.

On Wednesday, U.S. Bankruptcy Judge Adlai Hardin helped Delta take a significant step towards submitting a viable plan of action to creditors by endorsing the agreement.

Earlier this month, Delta and the PBGC signed off on a deal to jettison the airline’s pension plans under an...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.